banner_ad

Previous year purchase

This query is : Open 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
07 January 2012 Dear experts,

in a company (50cr T.O), purchases are accounted on the "date of receiving" the invoices rather than date of material arrival. (no provisions created) they are saying that this is their custom long since.
there are lot of previous year purchases (approx 20lakhs)they are saying that they received the invoices now only. pls tell me what will be sequence?
Profile Image

CA Suraj Lakhotia

Profile Image

CA Suraj Lakhotia (Expert)
07 January 2012 Once the goods have been received in the premises of the company, the liability is crystalised.

The accounting of goods on receipt is not in order.

How do they account for stocks and carry out physical verification of inventory? There would be discrepancy in this as well.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
08 May 2026
Paid Assistants

Quick Taxperts Private Limited

Bengaluru

Graduate (Any)

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details